Gold prices below VND18 million per tael

Fluctuations in the world’s markets have sent the domestic price of gold plummeting to below VND18 million per tael. Stores on the evening of October 11 listed gold prices at VND17.5-17.7 million per tael, while SJC gold dropped by VND400,000 to hover around VND17.65-17.75 million per tael.

At 9am on October 11, DongA Bank’s PNJ Phuong Hoang gold was traded at VND17.67-17.83 million per tael, down by VND270,000 per tael compared with gold prices at closing on October 10.

At some gold stores in Phan Dinh Dung street, Phu Nhuan District, HCM City on October 10, the selling price of gold was VND400,000-500,000 per tael more than buying price due to the wide difference between the selling and buying prices, there was a sharp increase in the number of customers selling gold.

The domestic gold prices have dropped in tandem with the world gold prices, which fell from over US$900 to US$800 per ounce. Another factor is US Treasury Secretary Henry Paulson announcing strong actions to prevent a global economic crisis.

The US stock market has been through many changes recently and the Dow Jones index has fallen 130 points. All these factors make investors continue to sell their gold.

VOV

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